Category: Industry
‘s small businesses
Feb 16, 2018 (LBO) – Sri Lanka has decided to obtain an additional financing through a loan of US 75 million dollars from the Asian Development Bank to scale up the ongoing Small and Medium Enterprise (SME) line of credit project, the Finance Ministry said. The Government had earlier obtained ADB financial assistance of US […]
JLL Sri Lanka sponsors first PropertyGuru Asia Property Awards in Colombo
(PRESS RELEASE) The PropertyGuru Asia Property Awards (Sri Lanka), the premier industry awards ceremony that will be held for the first time in Colombo in 2018, welcomes the support and sponsorship of JLL Sri Lanka, the country’s leading professional real estate services firm. Following the unprecedented success and overwhelming positive reception from Sri Lankan developers that […]
Insurance Industry records 15.5-pct growth in 3Q of 2017
Feb 16, 2018 (LBO) – Sri Lanka’s insurance industry was able to report a growth of 15.53 percent (3Q, 2016: 16.97 percent ) in terms of overall Gross Written Premium (GWP), at the end of third quarter of 2017, recording an increase of 15,862 million rupees when compared to the same period in 2016. The […]
Construction sector challenged by continued labour shortage: report
RIU report 2018 – The construction industry is worth approximately USD 8 Bn and is already under strain owing to rising construction costs.This industry is challenged by a shortagein skilled construction workers due to two factors; firstly, there is a large number of potential labour who seek employment as trishaw drivers and secondly, due to worker […]
Innovative Smart Solutions to revive electronic manufacturing in Sri Lanka
Feb 16, 2018 (LBO) – Innovative Smart Solutions (Pvt) Limited (iS2) launched their ‘SmartHome’ product line under the brand name Ape with the intention of reviving electronic manufacturing in Sri Lanka, in Colombo recently. Ape users will be able to control their electrical devices such as lights, fans etc. remotely using their mobile phones. The […]
CB extends suspension of Pan Asia Bank primary dealer activities for 6 months
Feb 15, 2018 (LBO) – Monetary Board of the Central Bank has decided to extend the suspension from carrying on primary dealer activities by Pan Asia Bank for a period of six months. Central Bank said the extension which will be effective from today will help them to continue with the investigations being conducted. Central […]
President officially appoints Commission to probe corruption at Srilankan and Mihin
Feb 15, 2018 (LBO) – Sri Lanka’s President Maithripala Sirisena yesterday formally presented a letter of appointment to the Presidential Commission to investigate into alleged frauds and corruptions at SriLankan Airlines and Mihin Lanka Airlines. The Committee will be headed by retired Supreme Court Judge Anil Gunaratna. Court of Appeal Judge Gamini Rohan Amarasekara, Retired High […]
‘s Basel III Sub Debt AA-(lka)(EXP)
Fitch Ratings has assigned Commercial Bank of Ceylon PLC’s (CB, AA(lka)/Stable) proposed Basel III-compliant subordinated unsecured debentures of up to LKR10 billion an expected National Long-Term Rating of ‘AA-(lka)(EXP)’. The debentures will have maturities of five and 10 years and carry fixed coupons. The debentures will qualify as Basel III-compliant regulatory Tier 2 capital for […]
Sampath Bank becomes first bank to accept Alipay payments in Sri Lanka
Sampath Bank, one of Sri Lanka’s most innovative banks, has become the first bank in the country to partner with Alipay, the world’s largest online and offline payment platform operated by Ant Financial Services Group.This latest partnership will allow Sampath Bank’s local merchant partners to tap in to the multitude of incoming tourists from China […]
Sri Lanka needs to create an environment that rewards investment: Harvard economist
Feb 14, 2018 (LBO) – Sri Lanka should move towards a simpler tariff structure, and implement direct taxes on things like income and property to maintain revenue, Harvard economist Robert Lawrence says. “90 percent of your tariffs should be in the simple schedule, and then there may be some exceptions,” Lawrence, faculty chair of the Practice of […]
‘s Industrial production up 4.3-pct in Dec 2017
Feb 14, 2018 (LBO) – Sri Lanka’s industrial production has increased by 4.3 percent in the month of December, 2017 compared to the same month in 2016, latest official data shows. The Index of Industrial Production (IIP) is a key indicator of economic performance in most countries. Index numbers summarize past developments, facilitate forecasting of future […]
‘s RIL Property goes for Rs.1.6Bn Rights Issue
Feb 14, 2018 (LBO) – RIL Property Plc said they will be raising 1.6 billion rupees through one for three Rights Issues to settle part of the long-term loan facilities obtained by the company. Issuing a statement the company said that the it will issue 200 million shares in the proportion of one new ordinary voting […]